OpenAI Backlog Shockwave: Are Investors Punishing Oracle, Microsoft And Broadcom Over Altman’s Trillion-Dollar Compute Bet? – Broadcom (NASDAQ:AVGO), Microsoft (NASDAQ:MSFT)
Oracle Takes The Biggest Hit
Oracle has been the lightning rod for OpenAI‑related fears, with its shares tumbling roughly 40% from late October highs as concerns mount over debt‑financed AI data centers and heavy exposure to OpenAI workloads.
The company has raised tens of billions of dollars to fund capacity and touted its role in training OpenAI models, but what was once seen as a transformative growth engine is now being questioned as potentially unsustainable.
“Maybe Oracle stock got way ahead of fundamentals and now the market’s saying, alright, show me,” Eric Diton of Wealth Alliance, told Bloomberg, capturing the new skepticism around the AI build‑out.
Microsoft’s Backlog Raises Red Flags
Microsoft, long viewed as the primary financial and cloud beneficiary of OpenAI, is also under pressure as markets zoom in on its enormous AI backlog.
The company recently disclosed that its commercial cloud remaining performance obligations have surged to about $625 billion, with roughly 45% of that tied directly to OpenAI.
Altman’s Conviction Meets Market Doubt
Sam Altman‘s sharp retort to investor doubts in a Bg2 podcast on Nov. 1, 2025— “If you want to sell your shares, I’ll find you a buyer” — now stands in stark contrast to the market’s verdict, with OpenAI‑exposed partners posting steep declines in the months since his trillion‑dollar pledge.
Those concerns intensified after OpenAI CEO Altman defended a planned 1.4 trillion‑dollar multiyear compute spend and snapping up capacity across Nvidia, AMD, Oracle and Azure.
“We do plan for revenue to grow steeply. Revenue is growing steeply,” Altman insisted, adding that skeptics who worry about OpenAI’s commitments could “sell your shares—I’ll find you a buyer.”
Yet as Oracle, Microsoft, and Broadcom all slide, the market’s early verdict on that conviction is clear: OpenAI’s backlog may be enormous, but the stocks most exposed to it are now paying the price.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Meir Chaimowitz on Shutterstock